quiz 2 econ 251
shahimermaidQuestion 12 pts
When making a choice to do more of one activity, the highest-valued other choice society does not make is called _______ , and it is measured _______ .
[removed] | opportunity cost; by the slope of the production possibilities curve at that level |
[removed] | opportunity cost; in terms of the money it costs |
[removed] | constant cost; by the slope of the production possibilities curve at that level |
[removed] | increasing cost; in terms of the amount of money spent doing so |
Question 22 pts
Which of the following is not capital?
[removed] | a computer in the office of an accountant |
[removed] | a wrench in an auto-repair shop |
[removed] | a new machine used for producing microchips |
[removed] | a migrant worker in the fields of California |
Question 32 ptsSkip to question text.
Suppose the economy is operating at point A, producing 244 tons of sugar and 1 freight train. The opportunity cost of producing the second freight train is:
[removed] | 19 tons of sugar. |
[removed] | 25 tons of sugar. |
[removed] | 225 tons of sugar. |
[removed] | 6 tons of sugar. |
Question 42 pts
If a production possibilities curve were bowed in or convex to the origin of a graph, it would demonstrate:
[removed] | fluctuating opportunity cost. |
[removed] | increasing opportunity cost. |
[removed] | decreasing opportunity cost. |
[removed] | constant opportunity cost. |
Question 52 pts
Knowledge that can be applied to the production of goods and services is:
[removed] | specialization. |
[removed] | technology. |
[removed] | comparative advantage. |
[removed] | natural resources. |
Question 62 pts
The model that shows the goods and services the economy is capable of producing is the model of :.
[removed] | production possibilities |
[removed] | The fallacy of composition |
[removed] | utility |
[removed] | scarcity |
Question 72 pts
The three broad types of factors of production are:
[removed] | technology, human capital, and comparative advantage. |
[removed] | stocks, bonds, and financial assets. |
[removed] | money, profit, and interest. |
[removed] | capital, labor, and natural resources. |
Question 82 pts
The process through which an economy's production possibilities curve is shifted outward is:
[removed] | specialization. |
[removed] | full employment. |
[removed] | economic growth. |
[removed] | comparative advantage. |
Question 92 pts
If an economy is operating on its production possibilities curve, it is:
[removed] | efficient and fully employed. |
[removed] | inevitably going to grow in the future. |
[removed] | efficiently producing but not necessarily fully employed. |
[removed] | fully employed but not necessarily efficient. |
Question 102 pts
One of the two criteria for a resource to be considered as a natural resource is that it must:
[removed] | be part of a factory or building. |
[removed] | not be part of the environment. |
[removed] | be available for the production of goods and services. |
[removed] | have been produced. |
- 9 years ago
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